Philippines: FFCCCII warns new restrictions to push back economic recovery

• Mar 23, 2021

MANILA, Philippines — New restrictions imposed by the government to stem rising COVID-19 cases are expected to delay the country’s economic recovery, according to the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII).

During the Tapatan sa Aristocrat forum yesterday, FFCCCII president Henry Lim Bon Liong said that at the start of the year he was optimistic about seeing economic recovery by the second or third quarter.

“Because of the sudden surge of the pandemic, new regulations (for) malls, moviehouses, dine-in will no longer be allowed in restaurants. I think this will set us back at least by another quarter,” he said.

He is hopeful recovery will take place by the third or fourth quarter.

Last Sunday, the government banned non-essential travel to and from Metro Manila, Rizal, Bulacan, Cavite and Laguna for two weeks as the country continues to log over 7,000 new cases daily.

The government said restaurants would also be limited to outdoor or al fresco dining, take-out and delivery in the five areas.

All mass gatherings, including religious gatherings, shall also be prohibited.

Last year, the Philippine economy contracted by a record 9.5 percent.

Lim said the group is optimistic that the availability of more vaccines in the country would help revive consumer confidence, rebuild businesses and restore economic growth.

He said they plan to purchase 500,000 vaccines from Sinovac for the members’ employees and donate a part of it to the government.

“We shall only officially announce details and begin the project after seeking government approval in a proposed tripartite agreement between government, FFCCCII and the vaccine supplier, and after following the priority guidelines set by government and the World Health Organization,” he said.

Lim said the FFCCCII’s planned vaccine purchase is intended to protect economic frontliners, and support the national vaccination program against the COVID-19 pandemic.

Post-pandemic, he said the country could take advantage of opportunities to attract Chinese tourists to visit the country.

“Post-pandemic, we believe that the Philippines can tap the huge and lucrative Chinese tourist market for the recovery of our tourism sector, which is now badly hit by the pandemic,” he said.

Source: https://www.philstar.com/business/2021/03/23/2086242/ffcccii-warns-new-restrictions-push-back-economic-recovery